SIXTEENTH OCEAN GMBH & CO KG v SOCIÉTÉ GÉNÉRALE

[2018] 2 Lloyd's Rep. 465

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before MacDonald Eggers

Practice – Limitation of time – Bank lending funds to enable construction and purchase of vessel by Iranian company – Bank concluding interest rate swap agreement with purchaser – Sanctions imposed preventing purchaser accessing loan funds – Shipbuilder terminating construction contract – Bank calling in sums due from purchaser – Purchaser paying sum under alleged economic duress – Purchaser bringing claim against bank claiming restitution of sum paid on the grounds of unjust enrichment and/or as damages for breach of swap agreement – Whether claims time-barred – Limitation Act 1980, sections 32(1)(a) and 32(1)(b).